Webster Bank N. A. Buys 100,375 Shares of Fastenal Company $FAST

Key Points

• Webster Bank N.A. increased its holdings in Fastenal Company by 96.6%, purchasing 100,375 additional shares in the second quarter, bringing its total to 204,278 shares valued at approximately $8.58 million.
• Several institutional investors, including Vanguard Group Inc. and Charles Schwab Investment Management Inc., have also increased their stakes in Fastenal, contributing to a total institutional ownership of 81.38%.
• Fastenal recently reported strong quarterly earnings, beating estimates with an EPS of $0.29 and a revenue of $2.08 billion, highlighting an 8.6% growth compared to the previous year.

Webster Bank N. A. raised its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 96.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 204,278 shares of the company's stock after purchasing an additional 100,375 shares during the quarter. Fastenal accounts for 0.9% of Webster Bank N. A.'s portfolio, making the stock its 28th biggest position. Webster Bank N. A.'s holdings in Fastenal were worth $8,580,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock valued at $5,685,754,000 after acquiring an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after acquiring an additional 1,850,871 shares in the last quarter. Baird Financial Group Inc. increased its holdings in shares of Fastenal by 1.7% during the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock valued at $652,875,000 after acquiring an additional 142,972 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Fastenal by 2.6% during the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after buying an additional 168,830 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Fastenal by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company's stock valued at $460,153,000 after buying an additional 613,254 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FAST shares. Wolfe Research reissued a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. JPMorgan Chase & Co. lifted their target price on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Finally, Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $46.82.

Insider Buying and Selling

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock worth $5,288,364 over the last ninety days. 0.37% of the stock is owned by corporate insiders.

Fastenal Trading Up 0.3%

FAST opened at $47.45 on Monday. The firm has a market cap of $54.46 billion, a price-to-earnings ratio of 45.63, a PEG ratio of 4.32 and a beta of 0.97. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12 month low of $34.67 and a 12 month high of $50.63. The stock has a fifty day moving average price of $47.42 and a 200-day moving average price of $42.61.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the previous year, the company posted $0.25 EPS. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Fastenal's dividend payout ratio is currently 84.62%.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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